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Cloud-Based Banking in China: Creating a Technology Framework for Innovation

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28 January 2017
Hua Zhang

Abstract

By 2020, 60% of systems in China’s banking industry will be deployed in the cloud.

Celent has released a new report titled Cloud-Based Banking in China: Creating a Technology Framework for Innovation. The report was written by Hua Zhang, an Analyst with Celent’s Asian Financial Services practice.

Business models will be restructured with cloud computing technology. The banking industry needs to be further opened up, and pricing and risk controls need to be implemented based on social data. At the same time, banks will be able to provide many nonfinancial services.

In this report, Celent examines the cloud-based banking architecture, business models, channels, and core systems in China. The major changes will be scenario-based channels and data-based core banking systems. Banking channels will no longer be mainly mobile banking and Internet banking, but will be fully integrated into customer services. Banks will become more reliant on data to market and design products; for example, banks will use machine learning technology to carry out customer segmentation and marketing.

“Cloud-based IT systems in banking do not merely move IT systems to the cloud. Instead, they will fully utilize the characteristics of the cloud to develop operations and business models that would not otherwise be supported. The benefits include lowering the cost for the banks, lowering the non-performing loan ratio, and increasing operational efficiency,” says Zhang.

This 20 page report contains five figures and two tables.

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